MiniLuxe, the 'Starbucks for nail salons,' raised over $9 million in an equity offering, according to a new Form D filed today with the Securities and Exchange Commission (SEC). According to the same document, the Boston-based chain of nail and waxing salons was looking to raise $18.6 million total.
This is the third time that MiniLuxe raised money. Last summer, the company secured almost $7.5 million in a funding round co-lead by Cue Ball, the investment firm that founded MiniLuxe, and Horowitz Group, both of whom led MiniLuxe's $23 million round of funding back in October 2014.
The company prides itself that cleanliness of the stores and the beauty labs is its culture. "It's not just about hygiene – it's about taking clean to the next level. That means clean business, clean ethics and clean methodologies," the official website states.
Last year, the company announced that it was headed west to open its first salon in California in 2017. However, the first Los Angeles outpost officially opened its doors in December 2016, according to Pret-A-Reporter. So far, the company manages 22 salons, including one in Rhode Island, six in Texas, one in California and the rest in Massachusetts.
Focusing on the Southwest may be a long-term strategy for the company. As WBUR reported, data suggests warmer temperatures translate into more pedicures.
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